How to start a retail store on a budget
find a low-cost way to start and test
your business it’s one of the best ways
to get started and we’ll make sure you
don’t end up bankrupt I got a question
from one of my readers mailing who wrote
in saying she wants to start a small
party supply store in her area she feels
like it’s needed in her local market and
one of my advice on how to get started
because she doesn’t have any money to do
it this is a great question mailing and
congratulations I want to start this
business I’m excited for you here’s what
I want you to avoid I don’t want you to
go open a store spend tons of money
doing this buying supplies renting a
location being locked into a long term
lease hiring employees and it doesn’t
work out that’s a scenario for most
entrepreneurs and I really don’t want
that to be you so my Rick my advice my
recommendation is start small test it
out see if this works see if it works
and see if this is something that you
enjoy doing or not I would find a store
or location that is in your target
market and find a way to partner up with
them find a way to have a small section
of their store or do something outside
in the summer some way to test your
market so you don’t have all the huge
costs that are associated with starting
up your own location maybe you exhibit
at an event that’s sponsored by you know
events that are put on by local
charities find a way to test out if that
area is going to work for you or not
before you go investing a lot of money
and time into it I remember when I was
starting a software company
I wanted a location
but it was going to cost a lot of money
you know rent in a location cost money
and so I made a deal with the local
venture capital company and said I want
to start this new business I see you
have a couple desks open can I work from
your office and the deal we made was
they would give me space and they would
give me advice and ideas these are all
guys in their 60s or 70s and I would
help bring them new potential clients
and also some advice around technology
something I was good at naturally and so
I incubated my company out of their
office we both benefited from the
relationship I didn’t have to pay
anything and I had a prestigious address
one that would normally cost thousands
of dollars a month to have and so you
have to find a way to get started on a
small scale without spending a lot of
money have the big goal I want that for
you I want you to have your million
dollar idea
it’s great don’t lose sight of that but
act small you have to protect your
downside risk
that’s the best way to get started
that’s my advice for you because I don’t
want to make I don’t want to see you
going bankrupt it’s the common mistake
that most entrepreneurs will take so
good luck good luck with that those of
you watching if you agree if you think
you’re going to bootstrap your business
if you’re currently bootstrapping your
business give this video a thumbs up I
love seeing those come in and makes my
day all the time
and if you have a question for your own
business I’d love to try to help you out
if you won’t leave it in the comment
section below
so thank you and I’ll see you soon
xem them chup anh sexy tai day.